Advice Please

Advice Please

Advice Please. Eight years ago both of my parents died within 8 months of each other. They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance. I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially. I have just recently started to rebuild.

My current accounts:

Care Credit $100/$500 opened May 2011

Orchard/Cap 1 Mastercard $0/$400 opened Nov 2011

Kohl’s $0/$400 opened Feb 2012

Personal loan from One Main Financial $1000/$1500 opened June 2012

PayPal Smart Connect $0/$500 opened Aug 2012

Amex Green NPSL opened Aug 2012

Current Scores:

MyFico EQ 674 MyFico TU 691 EX Fico 653 (Amex BCE denial)

One CO from 2006 on EX not on EQ or TU

One Judgment from 2008 that I just recently became aware of. Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.

Does this sound like a reasonable plan or should I try sooner or wait longer? Are there any other good cards to consider? I would rather have cash rewards or maybe points, don’t fly don’t need miles. I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

Re: Advice Please

AMEX is considered a pretty strict lender for their revolvers. You should be fine for Discover with that credit score given you have stable employment history. Your score isn't TOO bad, I say find one of the credit unions and start building relationship with them before jumping over to big banks.

Re: Advice Please

I think the most important step you can take in the near term is getting that judgment (if it really is innacurate) removed. Your scores will likely increase, and therefore the likelihood of approval from any lender. Given that you had credit issues in the past that show up on your report, that judgement looks all the more dangerous to a potential lender.

Re: Advice Please

Absolutely agree. Vacate and clean the report. The cleaner your reports, the more likely you can apply anywhere with confidence. Personally, I have no use for the "big boy banks" because the credit unions fulfill all my needs with a human touch. While your cleaning, start credit union shopping and don't be scared to try. Step out and take some risks once you get your report looking good. YOU are ultimately in control. Best of luck to you!

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do soEQ: 755 as of 8/2013TU: 700Experian(or as I call them, the devil) I have no clue, they haven't released my reportGoal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013

Re: Advice Please

snowytimber wrote:

Advice Please. Eight years ago both of my parents died within 8 months of each other. They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance. I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially. I have just recently started to rebuild.

My current accounts:

Care Credit $100/$500 opened May 2011

Orchard/Cap 1 Mastercard $0/$400 opened Nov 2011

Kohl’s $0/$400 opened Feb 2012

Personal loan from One Main Financial $1000/$1500 opened June 2012

PayPal Smart Connect $0/$500 opened Aug 2012

Amex Green NPSL opened Aug 2012

Current Scores:

MyFico EQ 674 MyFico TU 691 EX Fico 653 (Amex BCE denial)

One CO from 2006 on EX not on EQ or TU

One Judgment from 2008 that I just recently became aware of. Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.

Does this sound like a reasonable plan or should I try sooner or wait longer? Are there any other good cards to consider? I would rather have cash rewards or maybe points, don’t fly don’t need miles. I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

Thanks in advance.

My sympathies go out to you. That was a tough situation and good for you for pulling yourself out of it.

+1 on attacking that judgement and getting it vacated. You were not properly notified.

Try a goodwill or pay for delete on the CO (but I would spend some time reading about these options on the board. There is great info from folks who have a much better idea than I of how to go about it)

Barclays is really inquiry sensitive-I apped with about the same amount and got turned down for inquiries. Stupid me didn't recon, but thats another story.

The idea of a CU is a great one....are you USAA/Navy eligible?

One last bit, that one Main Loan. The interest rates on those SUCK (ask me how I know). If you can, throw a little extra at it every month and get rid of it. Save yourself some money in the long run.

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FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.